Colorado Introduces Long-Term Tax Credits for Film and TV Production
Governor Polis Signs Law Offering $50 Million in Incentives for Media Projects
According to a published article in the Business Journal, Colorado is now offering long-term incentives for making movies, TV shows, and other media in the state. Governor Polis signed a new law that lets producers get up to $5 million in tax credits each year until 2029. The total amount available is $50 million over the next four years, and the incentives now cover 22% of local spending instead of 20%.
Arielle Brachfeld, the deputy film commissioner, said this is a big opportunity. Before, her office only had a one-year budget of $5 million, but now they can plan with producers for the long term. This is great for projects that take several years to complete. The new law also changes the incentive from a rebate to a tax credit, making it easier for Colorado to compete with nearby states.
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$50 Million in Tax Credits: Colorado’s Film and TV Production Industry Boost – Are You Qualified? (PHOTO: KUNC)
Colorado’s New Tax Credits Attract Long-Term Film Projects and Boost Local Economy
Furthermore, to qualify for the tax credits, Colorado-based production companies need to spend at least $100,000 in the state, and out-of-state companies must spend $1 million and hire half their staff locally. So far this year, 12 projects have been approved for the tax credits, including some from the video game industry. Brachfeld said that these incentives help the local economy by boosting tourism and attracting larger film projects that Colorado couldn’t support before.
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